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Big fall in Singapore's exports
Source: Bloomberg News |
September 18, 2012, Tuesday
|
Print Edition
Print Edition
SINGAPORE'S exports fell more than economists estimated in August as electronics shipments dropped and firms sold fewer goods to Europe.
Non-oil domestic exports slid 10.6 percent from a year earlier, after a revised 5.7 percent increase in July, the trade promotion agency said in a statement yesterday. The decline, the first since March, exceeded all 15 estimates in a Bloomberg News survey for a 4 percent drop.
Europe's protracted debt crisis, a US jobless rate stuck above 8 percent and a slowdown in China are damping demand for Asian goods and commodities. The weakening global outlook has prompted the government to trim its 2012 economic growth forecast.
Credit Suisse predicts the central bank will allow slower gains in the Singapore dollar at the next policy review in October.
Non-oil domestic exports slid 10.6 percent from a year earlier, after a revised 5.7 percent increase in July, the trade promotion agency said in a statement yesterday. The decline, the first since March, exceeded all 15 estimates in a Bloomberg News survey for a 4 percent drop.
Europe's protracted debt crisis, a US jobless rate stuck above 8 percent and a slowdown in China are damping demand for Asian goods and commodities. The weakening global outlook has prompted the government to trim its 2012 economic growth forecast.
Credit Suisse predicts the central bank will allow slower gains in the Singapore dollar at the next policy review in October.
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